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American investment adviser Vanguard is set to merge $770m Vanguard Capital Value Fund into the $17.6bn Vanguard Windsor Fund in a bid to streamline value fund lineup.
The merger is expected to close in mid-2020.
One complete, the combined fund will focus on large- and mid-capitalisation value stocks.
Wellington Management Company and Pzena Investment Management will manage 70% and 30% of the assets, respectively.
Vanguard Portfolio Review Department head Matt Brancato said: “We apply a rigorous and comprehensive evaluation process to the oversight of our funds and advisers to ensure we are offering sound, enduring solutions that meet the long-term needs of our clients.
“We believe this merger will benefit Capital Value Fund shareholders by providing them with exposure to the two outstanding investment advisers managing the Windsor Fund and will benefit the combined fund through improved economies of scale.”
The expense ratios of the combined Windsor Fund are expected to remain same. Currently, the figure stands at 0.30% for Investor Shares and 0.20% for Admiral Shares.
Based in Pennsylvania, Vanguard has around $1.4trn in actively managed assets.
In the last 12 months, the company has announced several adjustments including changes to Vanguard Managed Payout Fund and reopening Vanguard Dividend Growth Fund. It has also introduced three new funds over the same time period.
In January, Vanguard secured approval to launch a retail investment advice service in the UK.
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Vanguard Capital Opportunity’s ability to stand out merits a Morningstar Analyst Rating of Gold.
One of subadvisor Primecap’s benchmark-agnostic multimanager offerings, its roughly 150-180 stock portfolio is a blend of its five managers' separately run sleeves and analyst picks in their portion. Although the combination adds some diversification, the fund typically invests heavily in industries whose firms have prospects for rapid earnings growth. Its 21.6% combined stake in biotech and pharma stocks, as of March 2021, was the highest out of more than 400 large-growth Morningstar Category peers and was 16.1 percentage points more than the fund’s primary prospectus Russell Midcap Growth Index.
Still, the team distinguishes itself through assessing individual companies rather than industry bets and finding value that has been overlooked or underestimated and holding on for years until that value is realized. The fund bought BioNTech BNTX in 2019 before the novel coronavirus outbreak and BioNTech’s subsequent partnership with Pfizer PFE to produce the first approved coronavirus vaccine. Although BioNTech’s stock price is now 10-17 times higher, the managers haven’t sold and even bought more because they think its mRNA technology has wide-ranging potential.
This fund’s outperformance can be significant. BioNTech, Tesla TSLA, and Micron Technology MU powered the Investor share class’ 49.9% one-year gain through June 2021, which beat the benchmark by 6.1 percentage points and placed near the category’s top decile.
Underperformance can be significant, too. Entering 2020 with nearly 9% of its assets in airline stocks stung. The fund then finished in the peer group’s bottom quartile for the second calendar year in a row.
Those who have held on during rough patches have benefited handsomely. The Investor shares’ top-decile 11.2% annualized gain over the past 20 years beat the index by about a percentage point. And the record here since Primecap first took over in early 1998 is even better.
Capital value vanguard
Vanguard to merge Capital Value and Windsor funds
Vanguard is to merge the USD770 million Vanguard Capital Value Fund into the USD17.6 billion Vanguard Windsor Fund. Following the merger, which is expected to be completed in mid-2020, the combined fund will retain the Windsor Fund name and continue to focus on large- and mid-capitalisation value stocks.
The combined fund will continue to be managed by Wellington Management Company LLP (approximately 70 per cent of assets) and Pzena Investment Management, LLC (approximately 30 per cent of assets). David Palmer, CFA, manages Wellington Management’s portion of Windsor Fund and is currently the sole portfolio manager of Capital Value Fund. The Pzena team, along with Palmer, will oversee the combined fund.
“We apply a rigorous and comprehensive evaluation process to the oversight of our funds and advisors to ensure we are offering sound, enduring solutions that meet the long-term needs of our clients,” says Matt Brancato, head of Vanguard’s Portfolio Review Department. “We believe this merger will benefit Capital Value Fund shareholders by providing them with exposure to the two outstanding investment advisors managing the Windsor Fund and will benefit the combined fund through improved economies of scale.”
The expense ratios of Windsor Fund — 0.30 per cent for Investor Shares and 0.20 per cent for Admiral Shares — are not expected to change as a result of the merger. Following the merger, shareholders who are eligible for Admiral Shares may request a self-directed conversion at any time. Those who qualify for Investor Shares will experience an increase of one basis point. Notably, the expense ratio of Capital Value Fund is currently lower than that of the Windsor Fund’s Investor Shares, reflecting a performance-based investment advisory fee decrease of 17 basis points. Absent incentive/penalty adjustments, the advisor fees of Windsor Fund are lower than those of Capital Value Fund.
Vanguard has a long track record of product leadership and making changes that are in the best interest of shareholders, including merging funds, changing advisors, modifying mandates, and closing and liquidating funds. Over the past 12 months, the firm announced changes to Vanguard Managed Payout Fund; reopened Vanguard Dividend Growth Fund; modified the advisory teams of its Vanguard Windsor II Fund, Vanguard Selected Value Fund, and Vanguard Variable Insurance Fund-Diversified Value Portfolio; introduced three new funds; reduced fund and ETF expenses; and entered a strategic partnership to provide qualified investors access to private equity.
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